Venu Stock price
Is Venu a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $79.12m | Revenue (TTM) = $18.61m
Market Cap = $79.12m | Estimated Revenue = $19.28m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $229.23m | Revenue (TTM) = $18.61m
Enterprise Value = $229.23m | Forward Revenue = $19.28m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF) | ex SBC
📈 What is it?
EV/FCF compares a company’s enterprise value with its free cash flow. The metric therefore shows the multiple of current free cash flow at which a company is valued. EV/FCF ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted version.
🧮 How is it calculated?
EV/FCF ex SBC = Enterprise Value ÷ (Free Cash Flow (TTM) − SBC)
🏛️ Why is it important?
EV/FCF provides a valuation based on free cash flow and therefore complements earnings-based valuation metrics such as the P/E ratio. The ex SBC version additionally accounts for the economic impact of stock-based compensation and provides a more conservative view from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF means that enterprise value is low relative to current free cash flow. The reasons should always be considered in the context of the company and its industry.
- A high EV/FCF means that enterprise value is high relative to current free cash flow. This can, for example, reflect high growth expectations or temporarily weak cash generation.
- When SBC is positive and adjusted free cash flow remains positive, EV/FCF ex SBC is generally higher than the standard EV/FCF.
- The metric is particularly useful for companies with relatively stable and predictable cash flows.
- If free cash flow is negative or very low, EV/FCF has limited usefulness and should not be interpreted like a standard valuation multiple.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 SBC | in % Revenue
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to revenue.
🧮 How is it calculated?
SBC as % of Revenue = (SBC ÷ Revenue) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of revenue shows how heavily a company relies on equity-based compensation and how significant this form of compensation is relative to the size of the business.
🧮 Calculation
🎯 What does this mean for investors?
- A lower figure is generally positive: Stock-based compensation is relatively small compared with the company's revenue.
- A high figure can indicate greater reliance on stock-based compensation and a higher potential risk of dilution. However, it is also important to consider whether the company offsets dilution through share buybacks.
- The trend over time should also be considered. A high but declining percentage presents a different picture from a persistently high or increasing percentage.
- A single-digit SBC-to-revenue ratio is not unusual among many growth-oriented and technology companies.
📘 SBC as % of FCF
📈 What is it?
SBC (Stock-Based Compensation) refers to equity-based compensation granted by a company to its employees and executives. The percentage shows SBC relative to free cash flow (FCF).
🧮 How is it calculated?
SBC as % of FCF = (SBC ÷ Free Cash Flow) × 100
🏛️ Why is it important?
Stock-based compensation is a real cost factor for shareholders. It can increase the number of shares outstanding and therefore dilute existing shareholders. The percentage of free cash flow shows how significant SBC is relative to the cash generated by the company. Since SBC is non-cash compensation, it is typically not deducted as a cash outflow when calculating FCF.
🎯 What does this mean for investors?
- A lower value is generally favorable. Stock-based compensation is relatively small compared with the company's cash generation.
- A high value means that SBC represents a significant portion of the company's reported free cash flow, even though SBC itself is non-cash.
- The higher the value, the more significant SBC can be as an economic cost to shareholders, particularly when it results in share dilution.
📘 SBC Growth 1Y
📈 What is it?
SBC Growth 1Y shows how much a company's stock-based compensation has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
SBC Growth shows whether stock-based compensation is becoming more or less significant for shareholders. If SBC increases significantly, it can lead to greater shareholder dilution over time. At the same time, SBC is a non-cash expense that reduces earnings on the income statement but is added back in the cash flow statement.
🧮 Calculation
🎯 What does this mean for investors?
- A high positive value is generally negative, as rising SBC can increase the burden on shareholders, particularly through potential dilution.
- What matters is whether the development of SBC is sustainable over the long term. Some level of SBC is common among many growth and technology companies.
📘 Share Count Growth 1Y
📈 What is it?
Share Count Growth 1Y shows how much the number of shares outstanding has increased or decreased over a one-year period.
🧮 How is it calculated?
🏛️ Why is it important?
The number of shares determines how many shares the company's earnings and assets are distributed across. If the share count decreases, existing shareholders' relative ownership increases. If it increases, existing shareholders are diluted. The metric therefore makes dilution and share buybacks directly visible.
🧮 Calculation
🎯 What does this mean for investors?
- A negative value is generally positive, as the number of shares outstanding is decreasing.
- A positive value indicates dilution of existing shareholders.
- A declining share count is not automatically positive: It also matters at what price the shares are repurchased and how the buybacks are financed.
📘 Shareholder Yield
📈 What is it?
Shareholder Yield measures how much capital a company returns to shareholders or uses to reduce debt relative to its market capitalization. It goes beyond dividend yield by also including share buybacks and debt reduction.
🧮 How is it calculated?
🏛️ Why is it important?
Dividend yield only tells part of the story. Companies can also return capital through share buybacks, while reducing debt can strengthen the balance sheet. Shareholder Yield combines all three components into one metric, giving investors a broader view of how a company uses its capital.
🧮 Calculation
🎯 What does this mean for investors?
- A higher Shareholder Yield generally indicates more capital being returned to shareholders or used to reduce debt.
- The mix matters: dividends, buybacks, and debt reduction can affect shareholders in different ways.
- Share buybacks are most beneficial when shares are repurchased at attractive valuations.
- Investors should also consider whether dividends, buybacks, and debt reduction are sustainable over time.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF) | ex SBC
📈 What is it?
Free cash flow shows how much cash remains after a company has covered its operating and capital expenditures. FCF ex SBC additionally deducts stock-based compensation (SBC) to adjust the cash flow for the effect of non-cash SBC.
🧮 How is it calculated?
Free Cash Flow ex SBC = Operating Cash Flow − SBC − Capital Expenditures (CAPEX)
🏛️ Why is it important?
FCF reflects a company’s actual financial strength – independent of reported accounting earnings. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction. FCF ex SBC also deducts stock-based compensation and shows how much cash generation remains after SBC.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow indicates that a company has strong financial strength – independent of reported earnings.
- It is often a solid basis for sustainable dividends and share buybacks.
- Declining FCF can be a warning sign, even if reported earnings remain stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free Cash Flow Margin | ex SBC
📈 What is it?
The Free Cash Flow Margin shows how much free cash flow a company generates relative to its revenue. In simplified terms, free cash flow is calculated as operating cash flow minus capital expenditures. The Free Cash Flow Margin ex SBC additionally accounts for stock-based compensation (SBC). While SBC does not represent a direct cash outflow, issuing shares as compensation can dilute existing shareholders. Therefore, SBC is deducted from free cash flow in this adjusted metric.
🧮 How is it calculated?
Free Cash Flow Margin ex SBC = (Free Cash Flow − SBC) ÷ Revenue × 100
🏛️ Why is it important?
The Free Cash Flow Margin shows how efficiently a company converts its revenue into free cash flow. Strong free cash flow can provide financial flexibility for dividends, share buybacks, debt repayment, or further investments. The ex SBC version additionally accounts for the economic impact of stock-based compensation and therefore provides a more conservative view of cash generation from a shareholder perspective.
🧮 Calculation
🎯 What does this mean for investors?
- A high Free Cash Flow Margin shows that a company converts a high proportion of its revenue into free cash flow.
- This can provide greater financial flexibility for dividends, share buybacks, debt repayment, or investments.
- The Free Cash Flow Margin ex SBC additionally accounts for potential shareholder dilution from stock-based compensation.
- The long-term trend is particularly important. Declining margins can, for example, result from higher investments, changes in working capital, or weaker operating performance.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Revenue per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Venu Stock Analysis
Analyst Opinions
8 Analysts have issued a Venu forecast:
Analyst Opinions
8 Analysts have issued a Venu forecast:
Venu Events
Past Events
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SEP
23
Shareholder/Analyst Call - Venu Holding Corporation
11 days ago
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AUG
13
Q2 2026 Earnings Call
about 2 months ago
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MAY
15
Q1 2026 Earnings Call
5 months ago
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StocksGuide Free
Venu — Shareholder/Analyst Call - Venu Holding Corporation
1. Management Discussion
Good morning, everyone, and welcome to VENU's Annual Shareholder Meeting. My name is Chloe Polhamus, Vice President of Strategic Initiatives and Philanthropy here at VENU, and we're so happy that you're here to join us. What a year it has been at VENU. We've grown, we've built, and we've welcomed new partners and new believers into the fan-founded, fan-owned, and artist-inspired community. Today, we celebrate that together. We look ahead at what's next, and we take care of some official business.
Before we get into all the excitement, I want to introduce -- welcome Peter Waltz from Dykema, our trusted Legal Counsel. Mr. Waltz has been asked by the company to serve as Secretary of this meeting. Good morning, Peter.
Good morning. Hi, everyone. Welcome to the 2026 Annual Meeting of Shareholders of VENU Holding Corporation. As the Secretary of the meeting, now that it is a minute or 2 after 9:30 a.m. Mountain Time, I can go ahead and officially call this meeting to order.
Awesome. Thank you very much, Peter. Before we walk into today's agenda, I want to take a quick moment to recognize some folks on the call with us today. We have, of course, Peter Waltz, our Legal Counsel from Dykema. We have our audit partners, Grassi & Co. We have our VENU Board of Directors as well, J.W. Roth, Heather Atkinson, Steve Cominsky, Matt Craddock, David Lavigne, Mitchell Roth, and Tom Finke.
Here's how today is going to go. I'll hand the things over to J.W. for a few opening thoughts. Then Peter will walk us through the formal business of the meeting. After that, JW and I will sit down to talk about some pre-submitted questions and answers. Then Peter will walk us through some results. And after that, JW will then close us out with a vision for what is ahead. So without further ado, let's get started. Please welcome Founder, Chairman, and CEO of VENU, JW Roth. JW, the floor is yours.
Chloe, thank you. Listen, I'm going to be brief here, saving most of my remarks for after our official business and our Q&A portion. For now, though, I want to say thank you. For everybody that has attended this meeting, I appreciate your votes. I appreciate the trust that you have put in our team.
Listen, this has been a heck of a year. And I've said it before, I'm going to say it again. We're just getting started. Now let me kick it back over to Chloe, and I'll talk to you again shortly.
Thank you, JW. Now Peter, would you get us started with the official business?
Of course. Thanks, Chloe. And just as a reminder, as Chloe said earlier, during today's meeting, there will be a session where company management will respond to a few pre-submitted questions submitted by shareholders with respect to the proposals outlined in the proxy statement and other company matters. So now a little bit of housekeeping and, of course, legalese.
I'll note that the record date for today's meeting for the determination of shareholders entitled to vote was set at July 27, 2026. I can confirm that notice of this annual meeting, along with proxy materials, were mailed to shareholders of record, and that mailing commenced on October -- pardon me, August 26, and we have an affidavit from the company's transfer agent, Colonial Stock Transfer Inc., certifying that the mailing was commenced timely.
Proxies were solicited for this meeting on behalf of the Board of Directors. So I will note that the notice of the meeting I referenced, the affidavit of mailing, and a certified list of shareholders will be filed with the minutes and records for today's meeting. As it relates to voting matters, Colonial Stock Transfer has been appointed as the official Inspector of Elections for today's meeting. Colonial Stock has taken a customary oath to serve in that role, which will also be filed with and included with the records and minutes for this meeting.
Colonial's role as the inspector is to decide upon the qualifications of voters, accept votes, and ultimately tally the final vote count. I can confirm that in excess of 36 million shares of company common stock are present at today's meeting in person or in proxy -- by proxy, which represents well in excess of the 1/3 requirement in the company's bylaws. So thus, a quorum has been established, and we can commence with the formal business of this meeting.
Also on voting matters, I'll confirm that each share of company common stock outstanding as of the record date is entitled to 1 vote per share. And at this meeting, shareholders who have already voted do not need to revote or take any action unless they would like to change their vote in some manner.
Now as outlined in the proxy materials, there are 4 proposals being submitted to the shareholders for approval at today's meeting. I'll go ahead and quickly identify and outline those proposals. First, the company is asking its shareholders to elect 7 director nominees to the Board, who, if elected, would serve until the next Annual Meeting of Shareholders. Those nominees are JW Roth, Steve Cominsky, David Lavigne, Mitchell Roth, Thomas Finke, Ronald Bension and Jamie Gronowski.
Second, in accordance with NYSE American rules, the company is asking shareholders to approve the potential issuance of 20% or more of the company's outstanding common stock. However, this relates specifically to the financing agreement VENU entered into on July 31, 2026, with YA Global, an affiliate of Yorkville. Now if the company were ever to default on its obligations under that financing agreement, additional shares could become issuable to satisfy the company's obligations. Today's vote simply gives the company the ability to issue those shares if that situation were ever to arise.
Third, VENU is asking its shareholders to approve an amendment to the company's 2023 Omnibus Incentive Compensation Plan. The amendment would serve to increase the number of shares of stock reserved under the plan from 7.5 million to 10 million shares. Finally, VENU is asking its shareholders to ratify the appointment of Grassi & Co. as the company's independent auditor for the 2026 fiscal year.
I'll note that the Board of Directors has recommended that shareholders vote for each of the Board nominees and for each of the other 3 proposals. And that concludes the introduction of the formal proposals being submitted to shareholders and that were identified and outlined in the proxy materials.
Awesome. Thank you very much, Peter. So our next part of today is going to be inviting JW Roth to answer some pre-submitted questions with me. So we're going to take a quick break, so we can welcome them into the studio, and we'll be back in just a moment.
[Break]
Awesome. Welcome back, guys. And of course, now we have JW Roth with us today. All right. JW, ready to dig into some of these questions that were pre-submitted to us.
I'm.
Awesome. Okay. Let's start with one from a shareholder, Randall, last name Randall. I'll read the question, and then we can go from there. So as a long-time shareholder of VENU Holding Corporation, it appears that the company is working diligently to protect equity value and avoid dilutive common share issuance by deliberately keeping the ATM program idle and carrying short-term notes through construction.
Given the high interest environment in these temporary bridge facilities, what is the current execution status and expected timing for closing a definitive $150 million C-PACE financing package via CBRE to permanently retire those short-term borrowings?
First, that's a really good question. And I'm going to start by saying that we are going to work diligently to finance our projects going forward without using equity. It doesn't mean that we're never going to use equity. But I can tell you, it is going to be a last resort for us. At the end of the day, when you start a business -- and I'm going to talk about this later in my comments, but when you start a business like this, you start anything but fully baked, right?
And so you have a hard time going out and establishing credit in the traditional way. And so we have built close to $1 billion worth of assets and accumulated them. And we've used some equity to do that. And we've married that equity up to fractional ownership, and that's the way we've done it. But now that we are close to opening our venues and now that we are at a place where we can actually go out and start talking to some sort of commercial debt, that's what we're doing, and that is our plan.
And so as it relates to C-PACE, C-PACE is a product that is -- that we plan on using on all of our projects. And that will be about 6 months or so either way of opening. So when you look out $150 million from now, that will get placed within 6 months of those projects opening. But that's the plan. I hope I answered that question correctly. But going forward, it is going to be -- it is going to be debt and fractional ownership.
All right. Next question comes from a shareholder with last name, [ Broders ]. Here it is.
First name, Joe?
It is. All right. Here is the question for you. With 2 new amphitheaters opening up in the next few months, do you have a better time line of how long it will take for future facilities like Chattanooga to be built?
Okay. First, Joe, thanks for your question. And Joe has been a shareholder for a long, long time. I don't know about Chattanooga. But I do -- I can tell you this. We will be opening Broken Arrow in the next handful of weeks. It's an unbelievable venue. I'm super excited about getting that open, followed by McKinney.
And then that will be followed by El Paso and then Houston. We're going to build -- we're going to build another $600 million, $700 million worth of venues before we get to Chattanooga. And then Chattanooga will be #5 on that list. I hope that answers Joe's question.
Yes. Thank you very much, JW. And the last question we have is from a shareholder named, Ron. I'll read the full question and then you can respond how you like. So as an initial IPO backer at $10 per share, who has watched the equity fall to an all-time low of $1.48, I have cast my ballots against executive compensation and further equity plan dilution.
With Q2 net losses reaching $18.04 million, carrying the preopening costs of 5 sites with only generating cash from 2 is actively degrading early shareholder equity. Given the $60 million cost spike and multi-quarter delay on El Paso due to parking land disputes, along with the time line extensions in McKinney, what specific nondilutive capital milestones over the next 2 quarters will bridge this operational gap and stabilize the public share price?
What's this guy's name?
His name is Ron.
Ron. Ron, first, I understand your frustration. I get it. But I think you've got a bunch of this wrong. First, we have done nothing but build assets. We have not turned on our P&L yet. And we've taken these projects and financed these projects in a way that now we're at a point where we can turn them on.
I don't think the share price -- and I'm going to talk about this a little later in my comments. But I don't think the share price, Ron, has anything to do with revenue today.
I think the share price today has to do with investors' fear that we're not going to get these open or the risk that is involved. And listen, there is risk here. And the risk will continue to be here until we can get -- until we can get profitable. And so again, like I said just a few minutes ago, we're not a fully baked company. So -- but I understand your frustration, and I get that. I'm looking at it as an opportunity that the market is handing us to buy shares.
But listen, I don't know how to -- otherwise, I don't know how to answer your question. And I get your frustration. There were 2 or 3 of you that voted against that. Flying Buffalo voted against it, too, Bill and his partner, Honi, voted against it as well. But I think it's the wrong thing to do. I mean, to take it out on employees that are working their tails off to make this company happen and then to take their option -- to vote against their option plan is just a bad move, I think.
Thank God that the vast majority didn't feel that way. But again, I get your frustration, and I'm going to work my tail -- listen, I'm the biggest shareholder here. So at the end of the day, my goal is to bring this thing back around where it needs to be. But between you and Flying Buffalo, I understand the frustration.
Thanks, JW. I think that I appreciate all the questions that were submitted. We did receive all pre-questions. These were all answered today. So we're excited to hear from you a little bit later on some great remarks on vision setting and some other things that will be happening, almost spilled it...
Listen, we're going to talk about a lot of stuff. We're going to talk about where we've been. We're going to talk about where we're going, what we've done. And we're going to talk about the stock. I mean, I understand that this is a question, and it's going to continue to be a question. And I'm anxious to talk about it in my remarks here in a few minutes.
Yes. And you almost spilled some secrets here...
I'm not going to spill any secrets until the very end, but there's a big secret coming and you're going to like it.
Yes, that's right. All right. So we're going to take another short break real quick. For those of you who have not voted, there is going to be a QR code on your screen or you can follow that URL to go and cast your votes. We're going to wait just a few moments to have a little bit of time for those to do that, and then we'll reconvene in a few minutes to talk a little bit more. We'll talk soon.
[Voting]
[Break]
Hi, everyone. We're back. Thanks for your patience. I can report that the final votes are being aggregated and counted. But with that, I can go ahead and report on the preliminary results of the voting at today's meeting. And I can report that each of the 4 proposals based on the preliminary vote count have been approved.
A majority of the votes cast have voted in favor of each of the 3 proposals and a plurality of the votes have been voted for each of the director nominees. The company will obtain a certification from the Inspector of Elections with the final vote count, which that certification will also be placed with the records of this meeting. And the company, of course, will post final results of the vote in a Form 8-K that will be filed with the SEC. And with that, that concludes the formal matters described in the proxy statement and submitted to shareholders for approval at today's meeting.
Awesome. Thank you very much for being here, Peter, and for helping us out with today. We have a little bit left for you guys. So with the formal meeting behind us, let's take a look at what VENU is building, and then we will also hear from Founder, Chairman, and CEO as well.
[Presentation]
I want to start where I imagine most of you started this morning, thinking about the stock. I don't understand why the stock is where it is, but I'm not going to sit here and apologize for it. The fact of the matter is we are a better company today than when the stock was at $18 a share. And I'll tell you exactly what I've been doing about it. I never thought about selling a share, not one. In fact, I've been buying the stock, been buying the stock all year long, bought again yesterday.
Over the last 2 quarters, my wife and I have bought another $0.5 million of our stock with our own money on the way down, and I'm going to continue to buy it. And every time I do, I file with the SEC and you can read my reports. Like I said, going to continue buying our stock as is many of our directors. And I'm going to work diligently over this next quarter to get approved a significant buyback.
Look, look at what we reported midyear, net tangible assets of $4.44 a share. And that's a cost basis with all of the municipality-contributed land carried at 0. That's 0. That land is worth hundreds of millions of dollars. That's why share price today doesn't make any sense. And that's why I'm buying the stock. Listen, investors who are selling today, it's simple. They're just betting that I can't open and book these venues. But there are other investors like me that are seizing the opportunity. They're betting that I will.
So let me be plain about how I see this. The market is handing me and you, if you seize it, a massive opportunity. I'm taking it. I'm not telling you to take it. And I'm not encouraging you to buy the stock. There's still risk here. But somebody is going to eventually figure this out. And my hope is that I bought all that I want to by the time that happens. That's my view. I'm not going to talk any more about the stock today. But I want to tell you about the year.
Last year, I talked to you about the pace and about breaking it. This year was different. This year was about decisions. Some of them were hard. Almost none of them made the headline the day that we made them. But if you compare where this company sits today to 12 months ago, nearly everything that matters traces back to a decision that somebody here at VENU made. 4 of them are worth our time to talk about today.
First, who runs our buildings? We have always said that we are developers and owners of multi-seasonal, multi-configurational, omni-content, state-of-the-art venues. That does not automatically mean that we're the best operators of those venues on opening night. So in July, we brought in Legends Global to lead our venue management team at Regent Bank. Legends runs more than 450 venues, 20,000 events, and 165 million guests a year. They're pretty good at what they do. That is not just a partnership of convenience. That is us making a decision that better serves you with an operator from day 1 that is first class.
Aramark stays with us on the food and beverage side. And this year, we expanded that relationship across all 5 of our premium venues with additional equity from them into our company. PepsiCo signed on as our official beverage partner across the Sunset portfolio. Regent Bank put their name on the building in Broken Arrow in a multi-year, multi-million-dollar agreement. And we added Ron Bension as a strategic adviser to me. Ron ran ASM Global. He was the architect of their $2.3 billion sale to Legends. I appreciate his advice on a daily basis.
Second, who fills our buildings? We moved our venue ticketing to Ticketmaster this summer under an exclusive agreement. That was a real decision with real trade-offs, and we didn't make it lightly. Then we did the single most important thing we did all year. We have partnered with Merck Mercuriadis. He is one of the biggest names in all of music. That name might not mean anything to you, but let me tell you, Merck has managed Elton John, Guns N' Roses, Beyoncé, Iron Maiden, Nile Rodgers, and many, many more.
By any honest accounting, he is in the top 3 managers in the history of our industry. He founded Hipgnosis Songs Fund. Hipgnosis sold to Sony for $4.1 billion, and we just made a significant investment in his latest adventure, Hipgnosis Artist Partnership. Behind him, we are assembling a global talent team, people who have spent their careers at the very top of CAA and in artist management. You will hear those names coming out over the next couple of weeks, and I think it will get the attention of everyone in the industry.
Shareholders care about 2 things. Are we going to get these buildings open? And ultimately, who is going to fill them? This is the answer second to none. Artist inspired is part of our motto. This is the year that we put capital and people behind it, starting with Merck.
Third, how do we pay for what we're building? For 2 years, we funded construction largely through equity and fractional ownership. We made the call this year to move to C-PACE in replacement of equity. So today, it's a combo of fractional ownership and C-PACE. CBRE has identified a path to hundreds of millions of dollars in long-term fixed-rate financing for both Broken Arrow, McKinney, and all of the rest of the venues that we have on our map. It keeps the real estate on our balance sheet. And when a bridge is needed between fractional ownership and C-PACE, how do we close that? Well, we use sale-leasebacks with the opportunity to buy the land back and bridge loans.
Fourth, where are we going? More than 45 municipalities are in active conversations with us right now. A year ago, that number would have just been a slide with a whole bunch of pins on a map. We've gotten more selective. As many of you know, El Paso and Houston are the next venues to open after Broken Arrow and McKinney.
On the financial side, total assets this year crossed $511 million at midyear. That's up 38% since the same time last year. Property and equipment up 46%. And then in June, we added -- we were added to the Russell 3000 and the Russell 2000. And the demand signal has never wavered. FireSuite sales have passed $300 million. McKinney is more than 90% sold. Centennial is over 75% sold. Broken Arrow is over 70% sold. And these are all in buildings that nobody has ever heard to note yet.
Broken Arrow opens in a matter of weeks. Did you hear me? In a matter of weeks, followed by McKinney. When those doors open, this company stops being a development story and it becomes an operating one. That's the entire thesis here. And it is measured now in weeks, not in years. For years, everything we have done has showed up on a balance sheet. We've been building assets. But in December, those assets get turned on.
I want to be clear. This is not something that we mean to stop building. We're going to accelerate our building. But now we're opening as we're building. Now I'm going to give you some numbers. Regent Bank, once stabilized, is expected to earn more than $26 million in annual EBITDA. McKinney opens right behind it, 20,000 seats, our flagship at that stabilization, north of $50 million in EBITDA, and we expect profitability at the holding company level in the third quarter of 2027.
Many of you have been with us since this company was a plot of land and just a vision. You invested in the ideas that fans should own the room, that artists should want to be in it, and that the company and some little company out of Colorado Springs could build something this industry has never thought of before. Guess what? We did it. None of that has changed this year. What has changed is that we made the decisions that make it durable. Chloe, back to you.
Thanks, JW. Are you ready to now finally spill the biggest news that we have today?
Yes, I am. And like I've said before, we have worked our tails off to open this first venue down in Broken Arrow. It's unbelievable. I toured it again the other day. This is the first multi-seasonal, multi-configurational, omni-content venue ever built in history. This thing is -- I don't have any other way to say it, and it's unbelievable. And on December 4 and 5, we are going to open it with our first preview nights. We're going to have preview nights all the way through our grand opening, which is coming in, in April. But I cannot be more excited about December 4 and 5. Tickets are going to go on sale when?
They'll go on soon, so soon. But just a reminder, we saved this announcement for this meeting. This is the first people to hear it. This is not public.
It's going to go out on the wire in about 30 minutes. The press release will be made in about 30 minutes. But the venue is close to being finished now. In a handful of weeks, the venue will be done. We were just nervous, honestly, to book it too early just in case we weren't completely done. So we waited on booking it and start our preview nights on December 4 and 5. But we will run lots and lots of shows between now -- between December 4 and 5 and the time we open it for its big grand -- grand opening, but I can't be more excited. I mean, God has been so good to the business. And just following that, just think about this, just in a handful of months after we open that, about 12 or so weeks, we're going to open the granddaddy of them all in McKinney, Texas.
That's right. Well, J.W., thank you so much for your time today. Thank you for your insight and for your candor and for all that you do for this company. I think it was really fun that we were able to keep that a secret for this meeting. That's what you get when you jump on these meetings, you get the latest news. But we are grateful for you guys for everything you do. Thanks for being part of this vision for this family, and so many things.
Hang in there [indiscernible] in this 1 thing, hang in there. We're a long ways from being done, but hang in there. You'll be glad you did.
Awesome. And with that, have a wonderful rest of the day.
Venu — Q2 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to VENU Holding Corporation's Second Quarter Fiscal 2026 Financial Results and Business Update. This morning, VENU Holding Corporation issued a press release summarizing the company's 2026 second quarter performance following the filing of its quarterly report on Form 10-Q for the quarterly period ending June 30, 2026.
This conference call is being recorded and will be available online along with the earnings press release at venu.live in accordance with the company's retention policies. [Operator Instructions] At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of VENU Holding Corporation.
Thank you, and good morning, everyone. Welcome to VENU Holding Corporation's Second Quarter Fiscal 2026 Earnings Call and Business Update. Today, you'll hear from our Founder, Chairman and CEO, J.W. Roth, on highlights from across the business and the vision for the quarters ahead. I'll then review our financial results. We'll open the line for questions after our prepared remarks.
Before we begin, I want to remind everyone that various remarks about future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. VENU cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company's most annual report on Form 10-K and our subsequent filings with the SEC, all of which can be reviewed at venu.live or sec.gov.
Any forward-looking statements made on this call speak only as of today, August 13, 2026. VENU undertakes no obligation to update any forward-looking statements, except as required by federal securities laws.
With that, I would like to turn the call over to J.W.
Thank you, Heather, and thank you to everyone joining us today. This quarter reflected steady, deliberate progress across our entire business. We announced our expansion into Chattanooga, Tennessee at The Bend, sited right on the edge of the Tennessee River, which I believe will become one of the most unique locations in our entire portfolio. We're also in continued discussions on a new destination in Northern Colorado, adding to a pipeline of more than 45 municipal conversations, a truly exciting time to be in VENU's expansion trajectory.
Regent Bank signed on as our official naming rights partner for our state-of-the-art amphitheater outside of Tulsa, Oklahoma, a multiyear, multimillion dollar agreement that adds long-term, high-margin revenue directly to our bottom line.
And we finished the quarter by joining the Russell 3000 and the Russell 2000, putting us in front of a far broader universe of institutional investors than we've ever had before.
Since the end of the quarter, we've also sharpened how we intend to finance our venues. We've identified a path to more than $150 million in C-PACE financing on our two projects in Broken Arrow and McKinney. This is non-dilutive long-term fixed rate capital secured through a property-tax assessment rather than a lien against our corporate assets, which reinforces the intrinsic value of our completed projects. That C-PACE financing is expected to fund the remaining construction balance for both Broken Arrow and Sunset Amphitheater in McKinney.
The reason institutional capital is showing up for us this way is because something I have said from day 1, it's on land that we own. Our balance sheet gives lenders something to actually underwrite. That's the advantage of the ownership model. It's not just a financing tactic. It's the structural reason we can access this kind of capital at this stage of our growth.
Ahead of our anticipated C-PACE close, we put two bridge loans in place, including one from Ryan LLC, our long-time national expansion partner and the official tax partner for the Sunset Amphitheater in McKinney. So construction can keep moving while we prepare to close permanent financing.
Both of these loans -- these bridge loans are structured to be retired after C-PACE funds. Together, this gives us a financing stack that is projected to carry both venues through completion. We also brought in an experienced operator to run Regent Bank Amphitheater, Legends Global and added Ron Bension as a strategic adviser to our team this quarter with decades of experience taking venue companies through major growth and expansions.
Stepping back for a moment, a couple of pieces of outside coverage this quarter captured our momentum. Forbes described a broader shift in consumer spending toward paying for access and repeat experience and pointed to our very own FireSuite model as the live entertainment example of that shift. Our FireSuite sales have been incredible this quarter. And as of today, we are pushing past $285 million since the program's launch.
Some other coverage this quarter looked at the strongest amphitheater development cycle in U.S. history and highlighted venue pipeline as a template for where this category is going. As I mentioned earlier, we're in conversations with more than 45 municipalities about bringing VENU to their community. We won't move forward with every one of them, but that level of interest is a real validation of the model that we have built.
Before I turn the call back to Heather, I want to address a few items. Our losses year-to-date and for the next few quarters are totally expected. We're actively building and executing preopening budgets on the front end as we gear up to officially open the gates to two new exciting multimillion-dollar venues in our portfolio. And as such, these expenses show up before revenue does.
Here's the deal. Between now and the first quarter of 2027, we are bringing roughly $600 million of assets online. That's expensive to do and will be reflected in our results. However, once these venues are open, we expect them to generate meaningful cash flow, and we expect to be in a position to provide financial guidance by mid next year.
The current reality is this: revenue is up, assets are up, FireSuite sales are up and net tangible assets are up. This business is firing on all cylinders, and the spend you're seeing today is what's fueling it. I'm excited about the months ahead. I'm grateful for every shareholder, every partner and every member of our team who is building this with us. Let me tell you this, the best is yet to come.
With that, I'm going to turn it back over to Heather for the financial update.
Thank you so much, J.W. Now let's dig into the quarterly and 6-month figures. Our total assets increased to $511.8 million as of June 30, 2026, up $141.2 million or 38% from $370.6 million at December 31, 2025, which resulted in $4.44 per common share and net tangible assets as of June 30, 2026.
It is worth noting that our municipality contributed real estate sits at 0 cost basis on our balance sheet rather than mark to market value as they are contributed assets, which resulted in $9.58 per common share and net tangible assets on a mark to market basis as of June 30, 2026.
On an as-completed basis, of $1.24 billion on a net tangible share price would equal $17.44 per common share, giving a fuller picture of what this portfolio would be worth once completed. Our property and equipment increased to $446.2 million as of June 30, 2026, up $140.3 million or 46% from $305.9 million at December 31, 2025.
Our Luxe FireSuite and Aikman Club sales reached more than $278 million in total sales since launching the program across current and in development venues as of June 30, 2026. During the quarter, we sold approximately $30 million in Luxe FireSuite sales and the company's NNN model accounted for approximately 76% of those sales. Our total revenue was $8.5 million for the 6 months ended June 30, 2026, compared to $8 million for the 6 months ended June 30, 2025, an increase of 7% year-over-year.
With that, I will turn it back to J.W.
Thanks, Heather, and thank you to the entire team for all the hard work. All right. Let's open this up for questions.
[Operator Instructions] Your first question comes from the line of Greg Gibas from Northland Securities.
2. Question Answer
I wanted to ask, clearly, in the -- you're squarely in the build phase, spending heavily on construction with these two massive projects, Oklahoma, Texas. Those will be open soon, presumably booking content and selling tickets. Given all that, what does the path to profitability look like from here?
You're right. I mean we are on a massive amount of build right now. We expect Broken Arrow to open here in the next 90 days or so. We're currently booking that venue. The first shows have been booked. We have not booked anything in November yet simply because we want to make sure that we're on track for our opening, but we are booking December, and we're booking the first quarter. We have over 25 holds and avails for Broken Arrow already in the calendar. And so that venue is coming along strong.
We will do about $22 million or so in EBITDA in that venue in the first year, and it will stabilize around $25 million or so. McKinney, we are anticipating a March finish there. We are currently booking McKinney and holds and avail sit at about 20 or 25 shows again. That venue will produce about $38 million to $39 million its first year and stabilize around $45 million to $46 million a year in EBITDA. And so our path to profitability is really second, early third quarter of 2027.
We actually think that, like I said in our -- in the call here a minute ago, we actually think we'll be in a position by March or so to start giving guidance based on the shows that we're booking. The first six including the Ford here in Colorado Springs, should produce about $125 million to $130 million in total EBITDA on the operating side.
So we're probably -- I'm going to guess, between 28 and 29 months away from the sort of the full run of those first six. But as we get there, we also have five more that will be under construction in that same amount of time. And so we're continuing to drive both on the openings that we have currently as well as the new builds and then our expansion pipeline is growing and it's growing rapidly. So anyway, I hope that answers the question.
The next question comes from the line of [ Julie Randall ], private investor.
I think this is very similar to the last question. And it was, at what point do you expect the company's growth and profitability to be reflected in the stock price? And what do you believe is a reasonable valuation for VENU once the current pipeline of venues is operational?
The share price is so disappointing to me, and I know it is to you. At the end of the day, people ask me all the time, why is the stock trading so low? And my answer is just it's simple. I know it's simple, but it's true. There just happens to be more sellers than there are buyers. And so you ask yourself, why is that? Why are there more sellers than there are buyers?
And I think that if you just sort of look at the state of the company and where we are, I think sellers are sort of betting that we're not going to get these open, right? And there's just more of those than there are buyers who are very confident like myself that we are going to get these open.
If you look over the last couple of quarters, I have invested hundreds of thousands of dollars personally in our stock. I file my Form 4 every time. Over the next 2 quarters, starting tomorrow now that the blackout period is over, I'm going to invest, again, personally hundreds of thousands of dollars in the stock simply because I see an absolute clear path to opening our venues and to profitability.
But to answer your question, there's just more people that are pessimistic than are optimistic. And so it provides a great opportunity for buyers like me today to nibble at the stock.
We have taken on a massive project here. VENU is not a simple startup. It is a start-up that is capital intensive. We are spending literally hundreds of millions of dollars building these venues. It takes big cojones to do what we're doing, and we're doing it. And so at the end of the day, the stock price is going to be reflective once people realize or once the market realizes that we've actually done what we've set out to do.
And I think that starts here in a couple of weeks, maybe 12 weeks down the road here as shows start to get kicked off in Broken Arrow. I actually think it will happen a little bit quicker than that if shows start to be announced, and that will happen in the next 3 to 4 weeks. Tickets will go up for sale in that venue.
And then I think then the market will say to itself, you know what, they did it. They are opening these. They have figured out the model to open these. And I got to tell you, having the fractional ownership marry up to C-PACE financing allows us to accelerate everything that we're doing, and it brings our cost of capital way down, our occupancy costs way down. And so not only are we going to open these, and we're going to open them on time, we're going to open them more profitable than we were maybe 3 or 4 months ago in our planning. But I thank you for your call. Did that answer your question?
It did.
[Operator Instructions] I would now like to read a question on behalf of [ Dennis Coursey ], investor in the Hospitality Collection at the Ford Amphitheater, a VENU Shareholder and FireSuite Investor at The Hall in Centennial.
Question one, when the Broken Arrow, McKinney and El Paso facilities open, how much value does VENU expect each to add to the balance sheet? Will the market value of donated assets be reflected once they open?
The answer -- let me answer the second one first. On a mark-to-market basis, we've got our arms around what that equals in net tangible assets. We made that in our release earlier, which is about $9 today, $4.44 on a GAAP basis.
From an accounting standpoint, I don't think contributed assets will ever find their way onto our GAAP balance sheet until that asset is either sold or it is financed, which we don't plan on doing. So that contributed asset is most likely going to sit on our balance sheet at its contributed basis. That's number one.
Number two, I believe that -- I don't have the numbers right in front of me, but Broken Arrow is going to be somewhere around $200 million, I would assume and its appraised value, McKinney somewhere around $400 million on just a cost basis. But I really believe its value is going to be probably more focused on the EBITDA and the earnings that they produce. And again, we believe Broken Arrow is going to be on a stabilized run rate in that $24 million range annually and McKinney will be in that $45 million range or so annually on a stabilized basis.
And the second question, what kind of programming is planned for the new indoor hall at Centennial? And is VENU still targeting 80 to 90 events per year there?
Yes. Centennial is a project very much like what we built in Gainesville and in Colorado Springs just on steroids. It is a bigger venue. It's going to host 2,500 cap type programming and then some omni-type programming as well, comedy, theater, things that are sort of out of the box that you don't necessarily see in Gainesville or here in Colorado Springs, but we are super excited about Centennial. It will be the first venue that we have built with fractional ownership and FireSuites. And so it is a venue unlike any other indoor venue in the country, and we're anxious to get it open. And yes, it will produce 80 to 100 shows a year.
The next question comes from the line of Marty Calvert from Morgan Stanley.
I was just wondering about the C-PACE financing. Will that come in tranches? Or will that be an all at once thing? What's the structure behind the C-PACE?
C-PACE is just a really interesting opportunity for us all the way around. C-PACE is a tax assessment financing that lives on our property-tax roll. It does come in tranches. It comes in tranches up to about 6 months prior to opening. So when we get to a point where we are with Broken Arrow, those tranches will compress. And then with McKinney, it's the same thing. Those tranches will start about 6 months out. and those tranches will run through the opening in McKinney.
The C-PACE folks that we're working with couldn't be better. We're -- I'm excited about building this relationship with them because I really think it's a game changer for our business.
And like I said earlier, what C-PACE does for us is it reduces occupancy costs. It also reduces the necessity for us to ever go out and put a traditional mortgage on the property. I believe that most of our properties will be free and clear in terms of first mortgages, and we will live with C-PACE as our partner -- our long-term partner. I couldn't be more excited about C-PACE.
I actually encourage everybody that's on this call to actually study a little bit about C-PACE and how it works. But for a business like ours, it's terrific. It's 35% to 40% LTV, and it's structured in such a way that is very, very flexible for a company like ours.
I would now like to ask a question on behalf of [ Eric Edstrom ] from FireSuite Investor and Shareholder. What are the specific operating milestones, venue count, revenue, EBITDA that would need to be achieved for VENU to support a 10 to 15 share price on a reasonable valuation?
I would have to think about that a second. If you were looking at a $10 share price, first, you have to figure out two things. First, you'd have to back into whatever you believe a multiple of EBITDA is going to be. So let's start there. I would say that a multiple of EBITDA of 25x to 30x with the sort of growth that we're looking at would be reasonable. It would be a good comp in our market. So let's start with that number and back into a $10 share price.
So a $10 share price with sort of the next piece or the next metric that we would need, which would be shares outstanding. I think it's 58 million to 59 million. I don't have it right in front of me, but let's call it 60 million just for fun.
So if you had a 25x multiple on 60 million shares outstanding, you need $25 million or so in EBITDA to generate what would be a $10 or $11 share price. And so if you were doing the math that way, if you were doing the math based on mark to market value on the balance sheet, we're there today, we're just short of $10, we're $9 and change.
So -- but a $10 valuation or a $10 share price based on metrics of multiples, you would be what, $60 million out, you would be roughly $25 million or so in EBITDA would generate that sort of valuation.
Now I have to throw in a couple of pieces there. So I believe we're headed to $125 million or better in EBITDA over the next -- or the finishing up of the builds that we currently have underway. But you also have to remember, there's probably some growth in that cap table because of the warrants that we have outstanding.
Now there's two pieces to that. One, as they become -- as they exercise, it puts another $125 million onto our balance sheet, which then reduces the amount of financing that we have to do in the future and in a lot of ways, reduces the amount of fractional ownership that we would have to sell. So as our balance sheet grows to a fully diluted basis, which would be roughly 100 million or so, it would add $125 million in cash.
And so if you took the $125 million in sort of projected EBITDA with the projects that we have underway and you stuck a multiple on that of 25x and you look at it on a fully diluted basis, you'd be about $35 a share. So it's sort of how you do the math. And believe me, I do the math all the time. And so that's sort of where you sit today. I hope that answers your question.
We have now reached the end of our Q&A session. I will now turn the call back to J.W. for closing remarks.
Well, thank you. I just want to tell everybody that I appreciate you being on the call. I appreciate your support. We're rocking and rolling here, and we have a team that's incredible. We have great leadership here. This isn't just J.W. Roth. This is a team of super dedicated folks that have ownership in our company, and everybody here is hell bent on building this thing into the success it's going to be. So anyway, again, I appreciate you. I appreciate you as a shareholder, and I look forward to growing this thing together. Thank you.
This concludes today's call. Thank you for attending. You may now disconnect.
Venu — Q1 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to Venu Holdings Corporation's First Quarter Fiscal 2026 Financial Results and Business Update. This morning, Venu Holding Corporation issued a press release summarizing the company's 2026 first quarter performance, following the filing of its quarterly report on Form 10-Q for the period ending March 31, 2026. [Operator Instructions]
At this time, I would like to turn the call over to Heather Atkinson, Chief Financial Officer of Venu Holding Corporation. Heather, please go ahead.
Thank you, and good morning, everyone. Welcome to Venu Holding Corporation's First Quarter Fiscal 2026 Earnings Call and Business Update. On the call today, we have our Founder, Chairman and CEO, J.W. Roth; President, Will Hodgson; Chief Operating Officer, Vic Sutter; and President of Growth and Strategy, Terri Liebler.
Following the safe harbor statement, J.W will open with highlights from across the business. Will, Vic and Terry will each provide updates from their areas. I will then walk through our financial results. After that, we will open the line for questions.
Before we begin, I want to remind everyone that various remarks about future expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.
Venu cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated, including risks described in the company's report on Form 10-Q for the quarter ended March 31, 2026, and our other SEC filings, all of which can be reviewed at venu.live or sec.gov.
Any forward-looking statements made on this call speak only as of today, May 15, 2026. Venu does not intend to update any forward-looking statements, except as required by federal securities laws.
With that, I would like to turn the call over to our Founder, Chairman and CEO, J.W. Roth.
Thank you, Heather, and thanks, [ Aamiliion ], to everybody that's joining us today. We had a busy start to fiscal year 2026 as we continue to execute on our strategy to bring a new asset class to live entertainment. Our venues are designed as multi-seasonal, multi-configurational spaces with unparalleled omni content capabilities, intentionally built to maximize utilization and deliver the elevated immersive experience today's concert goer expects.
As I've mentioned before, the average amphitheater in the United States is approximately 40 years old and falls well short of modern premium standards. Beyond filling this market gap, we've developed a capital-efficient model for financing venue construction.
We build these premium live entertainment venues through three avenues: public-private partnerships with municipalities, presale of fractional ownerships in the venues and the sale-leaseback transactions. Roughly 40% of the project construction comes from municipalities in the form of real estate, tax incentives and cash.
Another 40% comes through the presale of fractional ownership and 20% from the sale leaseback of the contributed real estate, which typically generates a development profit. We believe this model aligns all parties around the long-term success of every venue we build.
The first pillar of our development model involves partnerships with forward-looking municipalities that recognize the economic value our venues bring to their local markets. Through these partnerships, we negotiate incentive packages that contribute meaningfully to the funding of each venue's development.
We believe there is one aspect of this model, which is not fully reflected in our financials. Under standard GAAP accounting rules, any real estate contributed by a municipality sits at basis or zero on our balance sheet.
So while we reported total assets of $461 million today, that number does not include any value for the real estate the municipalities contribute to us. In addition, earlier this year, we received an independent appraisal that valued our real estate portfolio at $1.24 billion on an as-completed basis. In 24 months, we doubled our total assets. And today, we are having ongoing discussions with more than 45 municipalities about bringing a venue concept to their city.
The second avenue of our model is the presale of Luxe fire suites in the venues we are developing. This allows investors to grow alongside us while providing a sustainable source of funding for our new venues. Since launch, our presales have generated over $260 million in sales.
And as we have grown, we've expanded our range of offerings to meet demand and give investors at all levels the opportunity to participate. Last month, we launched our $300 million triple net inventory with Troy Aikman, a shareholder, a Firepit Suite owner and a partner.
Since then, we have seen a significant increase in investor leads. And earlier this week, we launched our FireSuite income offering, opening the door to investors seeking a lower entry point into the fractional ownership of our FireSuties.
The final avenue of our model is the sale leaseback of contributed real estate, which typically generates a development profit while allowing us to retain operational control of the venue. This component rounds out the capital stack for developing a venue and reinforces the long-term economics of every project that we build.
As it relates to capital, we are currently in a capital-intensive phase as we build what we expect to be the foundation of our platform and entertainment model. In March, we closed out an $86.25 million capital raise in the middle of one of the most volatile market stretches in recent history, demonstrating that investors believe in our vision.
As we move closer to our venue opening dates, we expect that conviction to continue to build. In summary, Venu is building a new asset class of live entertainment venues to fill a clear gap in the market, and we're doing so in a capital-efficient way. We're excited, and we can't wait to see what comes next.
All right. Now, I'm going to turn this over to Will Vic and Terry to talk more about what this past quarter has delivered and what we expect on the horizon. Will?
Thanks, J.W. Good afternoon, everyone. I want to give you a real picture of what the booking and talent side of the business looks like right now because there's a lot of exciting momentum. Let me start with Ford amphitheater. The 2026 season is underway and booking is still very much active. The calendar continues to build with a number of shows yet to be announced. We continue to expect Ford's 2026 season to look a lot like prior seasons by the time we're done.
The conversations we are having with promoters and agents reflect the reputation this venue has earned. Ford is a destination, and we're looking forward to a great season. On the new venue side, Broken Arrow is taking shape, and we are deep in discussions with artists and promoters about what the inaugural season looks like.
While it's too early to share specifics, I'm pleased to say we are seeing a significant amount of interest in the venue, and we look forward to sharing more when the time is right. McKinney is not far behind. We are already laying the groundwork for booking conversations in that market. Situated just north of Dallas, McKinney represents a significant opportunity given the region's strong demand for live entertainment.
We, along with our operating and booking partner, Live Nation, are actively building relationships today that will allow us to drive meaningful programming from day 1. At the club level, -- still Long Music Hall in Colorado Springs and the Hall at Urban Brothers in Gainesville delivered a consistent quarter of programming, and we continue to refine our approach at both locations.
We are focused on finding the right content mix that maximizes both the guest experience and the commercial opportunity. To summarize, talent conversations are strong. Our markets are progressing well, and we're entering into the busy season with strong momentum. As we move into Q2, we're focused on executing against our plan and delivering on the opportunities in front of us.
With that, I'll turn it over to you, Vic.
Thank you, Will. Good morning, everyone. As J.W mentioned earlier, our goal with these venues is to build a new asset class in live entertainment. Our venues are designed to be multi-seasonal, multi-configuration venues featuring immersive experiences and integrated technology, creating experiences that fans cannot find anywhere else. We're implementing some of the most advanced venue technology available in building these capabilities into new venues from the ground up.
And I'm excited about what's ahead, and we will have more to share on the technology partnerships powering this in the months ahead. With that vision in mind, let me turn to the progress we're making on the ground. At McKinney, the trusses for the academy of Bostructure are underway and construction is progressing as planned.
Broken Arrow is approaching an exciting stage of construction as the FireSuites have been delivered to site and installation will begin soon. In El Paso, we're advancing through our infrastructure development plan. And in Houston, we expect to close out the entitlement phase in the coming weeks.
We look forward to sharing more as these projects advance. Outside of active developments, this past week, we announced expansion plans in Chattanooga, Tennessee, in active conversations beginning in Northern Colorado. We'll have more to share how those plans take shape in the months ahead.
Turning to our operating venues in Q1. The opening of Ross Sea and Steak in November 2025 added a meaningful new revenue stream for our portfolio, and the early performance has been exceptional. The team is executing at a high level. Our hospitality scores reflect that performance and the property is establishing itself as a premier dining destination in Colorado Springs, independent of the concert season.
Private events at Ross are tracking ahead of expectations, and we're heading into a strong summer. We are proud of what that team has built. At our Burgan Brothers Smokehouse and Tavern locations, we experienced some headwinds in the first quarter.
Colorado Springs saw softer traffic and our Gainesville location was impacted by early winter storms that led to full and partial closures during the quarter. That said, we do not view this as a structural trend. The teams are focused, the menus are being refined to align with evolving customer preferences, and we're actively working on programming and private event strategies designed to drive traffic and revenue at both locations.
Every decision we're making operationally right now is made with scale in mind. We're looking forward to a great busy season ahead.
With that, I will hand it over to Terri.
Thank you, Vic. Good afternoon, everyone. The growth in strategy team's role is to make sure Venu is always moving towards the next opportunity, the next partnership and the next revenue stream. Q1 has given us a lot to talk about. Let me start with the new partnerships because the caliber of who is choosing to align with Venu continues to set the tone.
In the first quarter, we locked in PepsiCo as our official beverage partner across the Sunset amphitheater portfolio and Aramark Sports and Entertainment expanded to five of our venues and made an additional equity investment in the company.
These are long-term partners who are deepening their commitment because they have clear visibility into where we're headed, and that tells a story. Naming rights represents a category of partnerships that can be genuinely transformative for a venue network of our scale.
For shareholders, these deals deliver long-term contracted revenue that goes directly to the bottom line. No additional capital required, no operational complexity, just premium brands paying for the right to be associated with the platform we're building.
At scale, this becomes a significant and recurring revenue stream. We have been deep in conversations on this front, and I'm more excited by the direction of those discussions than any point to date. Stay tuned for several exciting announcements in the period ahead.
With that, I will turn it back over to Heather for the financial update.
Thank you so much, Terri. Now to dig into the quarterly figures a bit more. Our total assets increased to $461 million as of March 31, 2026, up $91 million or 25% from $370 million at December 31, 2025.
As J.W, it is worth noting that several of our municipality developments at zero cost basis on our balance sheet rather than mark-to-market value as they are contributed assets as completed basis appraisal of $1.24 billion reflects a more complete picture of what this portfolio will be worth once completed.
Property and equipment increased to $382 million as of March 31, 2026, up $76 million or 25% from $306 million at December 31, 2025. The company completed a capital raise of its common stock during the 3 months ended March 31, 2026, which resulted in gross proceeds of $86.25 million, which generated net proceeds to the company of $80.1 million.
Our Luxe FireSuites and Aikman Club sales reached over $260 million in sales since launching the program. Demand for the product and our newly launched triple-net model prompted the recent launch of a $300 million triple net portfolio available to real estate investors across the nation with Troy Aikman as the company's spokesperson.
Our Luxe FireSuites sales through the company's triple net model accounted for approximately 47% of total Luxe FireSuites sales for the quarter ended March 31, 2026. Venu total revenue was $3.9 million for the 3 months ended March 31, 2026, compared to $3.5 million for the 3 months ended March 31, 2025, an increase of 11% quarter-over-quarter. These highlights represent that our balance sheet is strong, the assets are real and the model is working.
With that, I will turn it back to J.W.
Thanks, Heather, and thanks to Will, Vic and Terri. Here's what I want every investor on this call to take away today. We have built something that institutions recognize that world-class partners keep choosing and that retail investors are finding new ways to access. The model is working exactly the way we designed it.
The pipeline is as strong as it's ever been, and we're just getting started. Let's open it up for questions.
[Operator Instructions] Our first question comes from the line of Stephen Laszczyk from Goldman Sachs.
2. Question Answer
Maybe to start off, J.W, could you talk a little bit more about the new class of venues you're set to build out here in the next couple of years? Maybe talk a little bit about what differentiates these venues from the legacy amphitheaters and venues most of us know today.
And maybe within that, the types of live entertainment you see yourself leaning into at these new venues and ultimately, what that could mean for the business model, what that could mean for utilization as these new venues ramp up?
First, Stephen, thanks for taking the time to join us today. The venues that we're building, they're just purpose-built. They're state-of-the-art amps. They're designed to fill a clear gap that is missing in the market. You think of the amphitheater segment. And I got to tell you, I hate the word. I am working diligently to get rid of the word amphither because it drives me crazy because what we're building is really a whole brand-new asset class.
We're combining some of the things from traditional venues, but we're also changing in a massive way. We're -- our new amps, if you want to call them that, are designed around real estate ownership, premium hospitality, immersive technology. These are not yesterday's sheds. These are really a new and exciting venue. They're multi-seasonal.
Think of the amps today. They run in the summertime, right? And then they close. Not these. These venues are multi-seasonal. They will run year around. So instead of producing 30 shows that a typical amphitheater produces, these venues will produce up to 100 shows annually.
They're multi-configurational, which also changes a lot of the utilization of these venues. In other words, they scale up and down in size. And they do it in such a way that, they always look full. I'm going to have Vic get more into that here in a second.
But honestly, at the end of the day, what you're looking at here is not your traditional amphitheater. This is in every way a brand spanking new asset class. Vic, talk a little bit about the utilization.
Yes, happy to.
Thanks, J.W. And Stephen, thanks for making the time today. So yes, with the multi-seasonal, we have multi-configurational design, but we also have the immersive technology, and that's all built in all the future venues. So we're unlocking a less broader range of programming than, for example, you would see in a traditional amphitheater. -- that means that we'll be able to host concerts, family shows, special events, corporate activations and also our own immersive content and maybe other partners who are creating content currently in the space.
So it is all within the same venue. So as a result, we believe that these venues can host a minimum of 80 events per year, right, depending on market. But for context, right, look at the industry and the average of the amphitheaters is around 30 to 35 shows annually. So we're really intentionally building these to do meaningfully more when you look at that delta.
And we believe that the model has the potential to drive better economics because you have traditional spaces that the amphitheater uses, we don't really look at the same way, right? We have a step change in utilization. We are driven by immersive technology. We're combined with different premium hospitality offerings like FireSuites and our VIP clubs.
And this is really where we get the multi-configurational, omnicontent, multi-seasonal piece of this business. And this is really what makes a unique asset class within live entertainment that no one's really seen before. I hope that answers some of your questions, Stephen.
And then maybe a second one just for Terri on partnerships. It sounds like there's some really nice momentum building ahead of the venues opening. I was just curious if you could elaborate a little bit more on what you're seeing on that front, how we should be thinking about some of the sizing of that opportunity today?
And then as this business scales over the longer term, how do you see the sponsorship portfolio growing as the Venu footprint scales over time?
Yes. Thanks for the question, Stephen. Yes, we're really, really pleased with the momentum we're seeing on the partnership side. I think what's notable is that the momentum is building well ahead of the venues actually opening. So that really speaks to the strength of the Venu brand and, of course, the appeal of the entertainment platform we're creating.
Today, partnership opportunities span across specifically key inventory assets and also a number of categories. This includes, of course, naming rights, premium hospitality spaces like the in Clubs and category exclusive partners. So for example, Pepsi and Eight Beer.
We're also seeing really strong inbound interest from both regional and national brands who want to align with this concept that you just heard J.W and Vic talk about. In fact, very proud and really excited to share that we've secured more than $100 million already to date in negotiated and contractual partnership revenue.
We think that, that is obviously a very, very strong proof point of the demand that we're seeing, again, well ahead of these venues opening. Longer term, as the venues start to open and of course, the footprint scales, which, by the way, in my experience, this means we can expect partnership opportunity to, of course, scale with it.
So this is both in terms of the number of partners and then, of course, the depth of those relationships. In each new venue, each of those new venues effectively expands our addressable partner base, and that creates new local, new regional and, of course, new national revenue opportunities.
We also see real potential to layer in multi-venue and platform level partnerships, which, by the way, we've already started to do as that footprint grows as well. So we really believe that will drive an even greater value proposition over time.
So I think in summary, kind of overall, we view this revenue as high margin, recurring and, of course, scalable. It's a revenue stream that compounds as we bring those additional venues online.
Your next question comes from the line of Marty Calvert from Morgan Stanley.
Great quarter. My question is two fold. First of all, great announcement about Chattanooga. Can you explain more about the development that could go on around Chattanooga? I'm a whiskey man, so I would love to see a naming of a Jack Daniel's amphitheater in Chattanooga.
Yes, that's awesome. I am too. We've been working on that thing for a while. And -- well, first, Marty, just thanks for jumping on here. I appreciate you. You're a great shareholder, a great supporter, and I just appreciate you joining us today. I'm actually going to kick this over to Bob. Bob, will you jump in here and walk Marty through not only what we're doing in Chattanooga, but let's expand on that question a little bit and talk about just all of the sort of new markets that you and Ryan are working on.
Yes, you bet. Thanks, J.W, and thanks for the question, Marty. Both Chattanooga and Northern Colorado are great examples of how our pipeline is really starting to produce momentum. Starting with Chattanooga, it's going to be located right down on the Tennessee River in a project called -- The Bend. This is a premium mixed-use development that is adjacent to the amphitheater itself will actually be right on the river, adjacent to a 300-slip arena.
And really, Chattanooga is an ideal market for venue. It's a 1 million person MSA. It's a growing region. It's very vibrant from its entertainment perspective. From a routing perspective, it's critical. Sitting between Nashville, Atlanta and Knoxville, it makes it very attractive for stops by artists.
Conversations are going well and some pieces that still are coming together on that. We are doing -- opening up the opportunities here because this is an opportunity where we work with a private developer, and we're also working with the city on the incentives. And so that partnership is seeming to be very fruitful.
Turning to Northern Colorado. This is another strategic market for us and one that given the roots in the region, is going to be important to us. The Northern Colorado project is meaningful to us because location to community and it's an area of nearly, again, a million people that has historically been underserved as it relates to live entertainment.
So we're seeing strong support from the local market and municipal leaders. We are actively engaged in conversations with everyone adjacent to I-25 there and have a couple of conversations that are advancing very quickly.
And so more broadly, the project reflects the type of opportunity that we're coming across through our pipeline, well-located markets, really strong interest from municipal partners. I mean we hosted one last night, again, that we can't mention quite yet, but it's very promising in the region where we're operating with Oklahoma and Texas.
So our pipeline of conversations that currently sits at well over 45 municipalities has a lot of momentum. And overall, we're very pleased and again, super excited about what's going on in Chattanooga and moving forward to identifying the location where we'll put our Northern Colorado facility as well.
Your next question comes from the line of Jamie Baranowski.
Doug, terrific quarterly update. Thanks for ongoing clarity on the financial metrics. As you head into the busy season at the Gorgeous Ford Amphitheater in Colorado Springs. Can you walk us through what are you really most excited about? There's so much good going on. There's got to be one or two things that are just getting you jumpy as you start each and every day regarding that area?
First, Jamie, thanks for taking the time to do this and to be a part of this. You're a great shareholder, and I appreciate you. I mean, honestly, the Ford has just been a home run. It started off as sort of a proof of concept. And we -- a lot of tuition has been paid as a result of building the Ford because what we've learned is we've learned how elevated works, right? So when we started this, the whole sort of premise and genesis of our business was to create venues that catered to the demand of today's fan.
When you look across the space and you see what the NFL has done, you see what Major League Baseball has done, you see what so many different stadiums and venues have done. What they've really done is they've catered to the demand of today's fan. And music has just failed in that area.
With the exception of a few standouts like the Sphere, most outdoor music venues of the past have failed there. So we really have concentrated on defining what elevated means. And so the Ford has been a great example of that. We opened last night and had a great show.
And really, what I was looking for this morning from Vic is Vic, tell me about how we did in the clubs. Tell me about what our per caps were. The whole idea is trying to break that $35 number, right? And we did. We cracked it last night and elevated worked. And we're going to see that continue to grow.
And when you look at what we're building in these other markets, you're not only seeing the elevated and the premium side grow, but you're also seeing the other demands of the fan like rideshare. Last night, I watched rideshare work at the Ford, touch down on traffic, touch down on congestion.
But what it also does is it allows us to provide services that then increase dwell time, right? We -- I looked in the clubs when we were done last night with the show and people stayed. Which is the whole idea behind driving our business. So the summer lineup is fantastic.
We've still got probably 10 or 12 shows to announce to finish out what the Ford season is going to look like. But in every way, the Ford amphitheater is not only a genesis of our business, but it's really a good testing pad for us. And so again, I appreciate the question, and we're very excited about where the Ford is this year.
We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.
Financial data from Venu
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 19 19 |
5%
5%
100%
|
|
| - Direct Costs | 12 12 |
26%
26%
64%
|
|
| Gross Profit | 6.62 6.62 |
19%
19%
36%
|
|
| - Selling and Administrative Expenses | 49 49 |
54%
54%
266%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | -36 -36 |
6%
6%
-193%
|
|
| - Depreciation and Amortization | 8.20 8.20 |
58%
58%
44%
|
|
| EBIT (Operating Income) EBIT | -44 -44 |
13%
13%
-237%
|
|
| Net Profit | -47 -47 |
18%
18%
-251%
|
|
In millions USD.
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Company Profile
Venu Holding Corp. designs, develops, owns, and operates up-scale music venues, outdoor amphitheaters, and restaurants. It offers entertainment and hospitality services. It operates through its single segment, the restaurant and event center operations. The company was founded by Jay W. Roth on March 13, 2017 and is headquartered in Colorado Springs, CO.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Roth |
| Employees | 187 |
| Website | venu.live |


